The country is at the forefront of a wider crunch spreading across Europe, and its prime minister has proposed a 100 percent tax aimed at foreign real estate investors.

Socialist PM Sanchez announces several measures, including 100 percent tax on foreigners, to tackle the housing crisis.

As Spain continues dealing with a nationwide housing crisis, its government has proposed an unconventional fix to the problem — and one that will not please foreigners. Spain has announced plans to implement a 100% tax on homes purchased by non-European Union residents,

Plans to prohibit British nationals and other non-EU citizens from buying second houses in Spain have been revealed by Spanish Prime Minister Pedro Sánchez. The action attempts to stop foreign speculation and lessen the load on Spain’s already troubled housing market in the wake of growing worries over housing affordability in the nation.